XRP Price Declines Further – Is a Bigger Crash on the Horizon?

XRP price is struggling to recover above the $3.00 resistance ￰0￱ price is now declining and might extend losses if it drops below $2.70. XRP price is correcting gains below the $3.00 ￰1￱ price is now trading below $2.850 and the 100-hourly Simple Moving ￰2￱ is a key bearish trend line forming with resistance at $2.80 on the hourly chart of the XRP/USD pair (data source from Kraken). The pair could continue to decline if it stays below the $2.850 ￰3￱ Price Dips Below Support XRP price started a fresh decline below $3.00, like Bitcoin and ￰4￱ price traded below the $2.950 and $2.920 levels to enter a bearish ￰5￱ bears were able to push the price below $2.850 and the 100-hourly Simple Moving Average.

Finally, the price declined below $2.80 and tested $2.74. A low was formed at $2.738 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $3.040 swing high to the $2.738 ￰6￱ price is now trading below $2.80 and the 100-hourly Simple Moving ￰7￱ is also a key bearish trend line forming with resistance at $2.80 on the hourly chart of the XRP/USD ￰8￱ the bulls protect the $2.720 support, the price could attempt another ￰9￱ the upside, the price might face resistance near the $2.80 ￰10￱ first major resistance is near the $2.820 level. A clear move above the $2.820 resistance might send the price toward the $2.850 ￰11￱ more gains might send the price toward the $2.90 resistance or the 50% Fib retracement level of the downward move from the $3.040 swing high to the $2.738 ￰12￱ next major hurdle for the bulls might be near $3.00.

More Losses? If XRP fails to clear the $2.820 resistance zone, it could continue to move ￰13￱ support on the downside is near the $2.720 ￰14￱ next major support is near the $2.650 ￰15￱ there is a downside break and a close below the $2.650 level, the price might continue to decline toward $2.60. The next major support sits near the $2.50 zone, below which the price could gain bearish ￰16￱ Indicators Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish ￰17￱ RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 ￰18￱ Support Levels – $2.720 and $2.650. Major Resistance Levels – $2.850 and $2.90.